Bitcoin Holds Above $44,000: How High Could BTC Price Rise by Year-End?

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• Bitcoin’s (BTC) price briefly surpassed the $44,000 threshold, thanks to the anticipation of the first Bitcoin exchange-traded fund (ETF) approval and an increase in whale wallets.
• Indeed, 22 crypto wallets holding more than 100 BTC each returned to action after a two-week decline.
• The team observed that Bitcoin’s daily Relative Strength Index (RSI) dropped below 45 for the first time since October 15, claiming that if these two signals remain favorable, Bitcoin could continue toward $45,000.

While Bitcoin’s price remains above $44,000 on Thursday, there is curiosity about how the BTC price will evolve by the end of 2023.

How Will Bitcoin Price Progress by Year-End?

As optimism returns to the cryptocurrency market, the price of the flagship asset Bitcoin (BTC) briefly exceeded the $44,000 threshold and reached its 10-day high, driven by the anticipation of the first Bitcoin exchange-traded fund (ETF) approval and an increase in whale wallets.

Indeed, 22 crypto wallets holding more than 100 BTC each returned to action after a two-week decline. On December 20, the leading decentralized finance (DeFi) asset reached $44,200, according to data shared by the crypto market intelligence platform Santiment.

Additionally, the team noted that Bitcoin’s daily Relative Strength Index (RSI) dropped below 45 for the first time since October 15. Arguing that it is “exactly when the bull rally first started,” they suggested that if these two signals remain favorable, Bitcoin could continue towards $45,000.

Current Status of Bitcoin Price?

As of the time of writing, the largest crypto asset by market capitalization was trading at a price of $44,040. It represented a 2.48% increase in the last 24 hours, a 2.16% gain in the previous seven days, and a more significant 17.58% increase on the monthly chart as of December 21.

Moreover, crypto trading expert Michaël van de Poppe believes that in an environment where Bitcoin has successfully tested lower levels and the correction appears to be over, the next move for Bitcoin could be to test the region just below $50,000 ahead of the approval of the first spot BTC exchange-traded fund.